Carrier sells NORESCO energy business to LS Power

• Carrier Global agreed to sell its NORESCO energy-efficiency business to OPTERRA Energy Services, a subsidiary of LS Power.
• The companies did not disclose financial terms of the transaction.
• Carrier said the sale supports its strategy of simplifying its portfolio and focusing on core climate and energy solutions businesses.

Carrier Global (NYSE:CARR) has signed a definitive agreement to sell its NORESCO energy-efficiency business to OPTERRA Energy Services, a subsidiary of LS Power, in a transaction expected to close shortly.

The transaction follows Carrier’s broader portfolio review as the company focuses on reducing non-core operations and prioritising its climate and energy solutions businesses.

“Divesting NORESCO aligns with our strategy of portfolio simplification and focusing on growth and innovation in our core climate and energy solutions businesses,” said Carrier Global.

Carrier did not disclose the financial terms of the agreement, and the transaction remains subject to customary closing conditions before completion.

The company said the sale is part of its effort to focus resources on its core operations.

Carrier Global provides heating, ventilation, air conditioning and refrigeration solutions for commercial, residential and industrial customers worldwide.

The company has been adjusting its business portfolio through strategic transactions as it seeks to focus on climate technology and energy-related solutions.